FAQ for 2024 1099-Ks
Account Owner Guide to 1099-K Forms
Disclaimer: As a third-party network, Stripe Express will generate, file, and send 1099-Ks for AdvicePay accounts that meet the IRS minimum threshold requirement. If you have any questions about what to report on your taxes, you should consult with a tax professional. AdvicePay cannot provide you with tax advice.
For 2024, if you processed more than $5,000 and had more than 0 transactions total gross volume on the AdvicePay platform, you'll receive a 1099-K form via our partner Stripe (through Stripe Express).
Important: Filing requirements for some states might differ from federal requirements. Check out your state requirements here. If you meet your state's threshold, you will receive a 1099-K.
The 1099-K shows the gross of all credit cards and ACH payments made on the connected account. The Net amount can be found on the Transaction Report in AdvicePay which will include all fees and refunds.
Ultimately, you are responsible for keeping track of your earnings and accurately reporting them in tax filings. If you have any questions about what to report on your taxes, you should consult with a tax professional. AdvicePay cannot provide you with tax advice nor can we verify the accuracy of any publicly available tax guidance online.
Keep in mind: AdvicePay does not automatically withhold taxes. We calculate the subtotal of your earnings based on the date the earnings were deposited.
AdvicePay partners with Stripe Express to file 1099-K tax forms that summarize your earnings or sales activities. We’ve put together some FAQs to help you learn more about 1099s, and how to use Stripe Express to review your tax information and download your tax forms. Need to check out Stripe Express's FAQ's? Please click here to visit their support article.
Note: If you have already created a Stripe Express account, you can log in to manage your tax information at connect.stripe.com/express_login. Running into any snags getting into your Stripe Express account? Here is their dedicated support contact form here.
Important timeline to keep in mind
By the week of November 11th: Only eligible AdvicePay Account Owners will receive an email from Stripe inviting them to confirm their tax information and set up e-delivery with Stripe Express . Please look out for an email with the subject line “Get your AdvicePay 2024 tax forms faster by enabling e-delivery”. This email from Stripe Express is legitimate and you’ll need to create an account to ensure all tax information is correct as well as have the ability to download a copy of your 1099-K when it's ready in 2025. We strongly suggest opting into paperless delivery (i.e., agree to receive your 1099-K tax form electronically via Stripe Express) to ensure you receive your 1099-K quickly. You will need an account to download your 1099 tax form.
- By December 31, 2024: Confirm your tax information (e.g., name, address, and SSN or EIN) is correct via Stripe Express. This information must match the information provided to AdvicePay. If changes are required, these need to be completed before December 31, 2024.
- By January 31, 2025:
- Eligible Account Owners will receive an email from Stripe Express with the subject line of "Your AdvicePay 1099 tax form is ready." This email is notifying you your 1099-K tax form will be available to download via Stripe Express if you agreed to paperless delivery.
- Your 1099 tax form will be mailed to you. If you don’t receive an email from Stripe or don’t agree to paperless delivery, please allow up to 10 business days for mail delivery.
- AdvicePay will file your 1099 tax form with the IRS and relevant state tax authorities.
- April 15, 2025: IRS deadline to file individual tax returns. You’ll need your 1099 tax form to file your taxes.
If you received a Stripe email asking you to confirm your TIN (Tax Identification Number) in order to keep your account active, please use the unique link sent to you. This information is not to create a Stripe account, this information is used to ensure we have the correct TIN number for every Account Owner on the platform. This email was only sent to certain Account Owners so if you did not receive one, that means we have your correct information and no action is needed.
- Please note: If you don’t consent to e-delivery by mid-January 2025, we’ll automatically mail your 1099-K tax form to the address on file, so it’s critical that your information is current, correct, and complete. You can still update your information via Stripe Express after mid-January 2025 and download your 1099-K electronically. However, you will not be mailed a new paper copy of your 1099-K tax form.
Frequently Asked Questions
Q: What is a 1099-K tax form?
A: Every year, the United States’ IRS requires that Stripe provide a form called a 1099-K for each Stripe account that meets IRS criteria in the previous calendar year. For 2024, the criteria is if you processed more than $5,000 and had more than 0 transactions total gross volume on the AdvicePay platform.
Important: Filing requirements for some states might differ from federal requirements. Check out your state requirements here. If you meet your state's threshold, you will receive a 1099-K.
The 1099-K is a purely informational form that summarizes the sales activity of your account and is designed to assist you in reporting your taxes. It is provided to you and the IRS, as well as some US states. For more help understanding your 1099-K, go to IRS.gov. You can also download a blank example of the 1099-K form here.
Q: What is Stripe Express, and how do I access it?
A: Stripe Express allows you to update your tax information, opt into paperless delivery, manage tax forms, and track your earnings. If you’re working with [Platform_Name] and earned $5,000 or more (within the calendar year in the US), Stripe will send an email inviting you to create an account and log in to Stripe Express.
Important: Filing requirements for some states might differ from federal requirements. Check out your state requirements here. If you meet your state's threshold, you will receive a 1099-K.
You can log in to your account by visiting connect.stripe.com/express_login, where you’ll be prompted for your email address and 6-digit phone verification code to log in. If you don’t remember the email address that you signed up with, check your inbox for past emails that we sent about confirming your tax information for paperless delivery. Otherwise, I’ll need to confirm the email address that is associated with your Stripe account. If you have historically accessed your Stripe Express account via your [insert platform portal name], you can continue to log in this way - however, you will now have to enter a 6-digit verification code that will be sent via SMS to the phone number associated with your account to log in. If you’ve lost or updated your phone number, you can select the “I no longer have access to this phone number” option to authenticate via email and change your phone number.
Q: How will tax forms be delivered?
A: Eligible Account Owners who earned more than $5,000 in 2024 will be receiving an email invite to create a Stripe Express account by the beginning of November 2024. The email subject line is “Get your AdvicePay 2024 tax forms faster by enabling e-delivery.” If you enable e-delivery for your 1099-K, once it's ready by the end of January, you will receive an email from Stripe Express with the subject line of: "Your AdvicePay 1099 tax form is ready" indicating that your 1099-K is ready for download. If you don’t consent to e-delivery by mid-January 2025, we’ll automatically mail your 1099-K tax form to the address on file
Please note: If you’re operating as an individual, Sole Proprietorship, or Single Member LLC, the IRS will expect to see the individual owner’s Name and SSN (as opposed to Business Name and EIN) reported on your 1099 tax form.
Q: Why is Stripe requesting my Social Security number (SSN), Employer Identification Number (EIN), or Individual Taxpayer Identification Number (ITIN)?
A: Your SSN, EIN, or ITIN is required to file your 1099-K tax form with the IRS and relevant state tax authorities.
Q: Is my tax information secure?
A: Stripe’s security tools and best practices ensure that your sensitive information is safely stored and encrypted. Learn more about the safeguards we've put in place to protect your information. Please make sure to keep your login credentials for Stripe Express secure.
Q: I no longer have access to the phone number I signed up with. How do I login to my Stripe Express account?
A: If you’ve lost or updated your phone number, you can select the “I no longer have access to this phone number” option to authenticate via email and change your phone number.
Q: I did not receive the invitation email from Stripe.
A: If you do not receive an invitation from Stripe but believe you should have received one based on your 2024 earnings, please check the following:
- Check your spam and deleted folders. The subject of the email is “Get your AdvicePay 2024 tax forms faster by enabling e-delivery.”
- Confirm that you have the correct email address added to your AdvicePay account.
- Confirm whether you earned $5,000 or more on AdvicePay in 2024. If you earned less than $5,000 in 2024, you will not receive a 1099-K form or the Stripe invitation.
Important: If you confirmed all of the above, you can request a new invite email from Stripe Express by following the steps at the link here. Filing requirements for some states might differ from federal requirements. Check out your state requirements here. If you meet your state's threshold, you will receive a 1099-K.
Q: How can I download my 1099-K tax form?
A: Once you receive the email invitation from Stripe Express, open the invitation email and click on the “Get Started” button, which will prompt you to create a Stripe Express account. If you create a Stripe Express account and consent to e-delivery (fastest delivery method), Stripe will email you to let you know when your 1099-K tax form was available for download via Stripe Express. If you don’t select e-delivery, Stripe will mail you a paper copy of your 1099-K tax form instead.
Q: How do I login to my Stripe Express account?
A: Please note that in order to log into your Stripe Express account, you would have had to accept the Stripe Express invitation that will be sent to you via email. If you are having issues logging in after creating an account, please contact Stripe Express support or you can request a new invite email from Stripe Express by following the steps at the link here.
Q: How do I get in touch with Stripe or AdvicePay for more help?
A: If you have a question that isn’t answered here, we recommend looking through the 1099 tax forms resource pages. If you still need help, please contact Stripe Express support. To contact AdvicePay support, please send an email to support@advicepay.com.